DoorDash to acquire Helsinki food deliverer Wolt in $8.1B deal

Nov. 09, 2021 5:00 PM ETDoorDash, Inc. (DASH)ULTABy: Rex Crum, SA News Editor8 Comments

DoorDash Raises Estimate For Initial Public Offering

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  • DoorDash (NYSE:DASH) said Tuesday it will acquire Helsinki-based food-delivery startup Wolt in an all-stock deal worth approximately $8.1 billion.
  • DoorDash (DASH) made the announcement shortly after U.S. stock markets closed. Chief Executive Tony Xu said in a statement that the two companies "share a vision to build a global platform for local commerce that empowers the communities we operate in."
  • Founded in 2014, Wolt currently has about 4,000 employees and runs delivery services and platforms in 23 countries. "Joining forces with Wolt will deepen our pool of superb talent and allow us to accelerate our international growth, while elevating our focus on the U.S.," Xu said.
  • The deal is expected to close in the second half of 2022. Upon closing, Miki Kuusi, Volt's CEO and co-founder, with assume the running of DoorDash International.
  • DoorDash (DASH) surged more than 22% in after-hours trading following the Wolt deal, and DoorDash's mixed third-quarter report. The company said it lost 30 cents a share on $1.3 billion in revenue, while analysts had forecast DoorDash (DASH) to lose 26 cents a share on sales of $1.18 billion.
  • Last week, in an effort to expand beyond its traditional food delivery services, DoorDash (DASH) announced a partnership with Ulta Beauty (NASDAQ:ULTA) to provide same-day delivery of beauty products.

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